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Saturday October 05, 2024

Regional economic performance

By Mansoor Ahmad
September 11, 2024

Pakistani flag can be seen fluttering in front of the parliament building in Islamabad. — AFP/file
Pakistani flag can be seen fluttering in front of the parliament building in Islamabad. — AFP/file

LAHORE: Pakistan generally lags behind its regional counterparts in various global rankings. Improvement in these rankings is crucial for the country’s progress.In the World Bank’s Logistics Performance Index (LPI) 2023, the rankings for Pakistan, India, and Bangladesh are as follows:

India is ranked 38th out of 139 countries, showing significant improvement from its 2014 position of 54th. This progress is attributed to investments in infrastructure and technology aimed at enhancing logistics performance.Bangladesh has risen notably, moving up 12 spots to 88th in 2023 from its previous position of 100th in 2018. Enhancements in logistics services, shipment timeliness, and customs management contributed to this advancement.

Pakistan is ranked 89th in the 2023 LPI, slightly below Bangladesh. While Pakistan faces challenges in infrastructure and customs management, it performs relatively well in timeliness and international shipments.

In the 2023 Global Gender Gap Index, Pakistan, India and Bangladesh have distinct rankings reflecting their gender equality challenges:Bangladesh ranks 105th out of 146 countries. Despite ongoing challenges, Bangladesh has been a leader in gender parity within South Asia, particularly in education and political participation.

Pakistan’s literacy rate stands at approximately 58 per cent, with an adult female literacy rate of about 44 per cent. India has a literacy rate of approximately 77.7 per cent, with male literacy at around 84.7 per cent and female literacy at 70.3 per cent. Bangladesh has an overall literacy rate of approximately 74.23 per cent as of 2023, with notable improvements in both rural and urban areas.

As of 2022, Pakistan’s financial inclusion rate increased to 30 per cent, up from 21 per cent in 2020. This growth is largely driven by the expansion of mobile money services, with registered mobile money users rising from 9 percent to 19 percent in two years. Around 39 per cent of money remains outside the formal banking system. Women’s financial inclusion remains low at around 13 per cent but has shown gradual improvement.

India has made substantial progress in financial inclusion, with over 80 per cent of adults having bank accounts, driven by the Jan Dhan Yojana initiative and the rapid expansion of digital payment systems. The focus on mobile banking and digitization has transformed India’s financial landscape, allowing it to outpace many emerging economies in this area.Financial inclusion in Bangladesh is steadily improving as part of its 2021-2026 National Financial Inclusion Strategy, with about 50 percent of adults being financially included, supported by mobile banking services like bKash.

In the 2023 Corruption Perceptions Index by Transparency International, the rankings are as follows:Pakistan ranks 133rd out of 180 countries with an overall score of 28, reflecting a slight improvement from the previous year. India ranks 93rd with a score of 39, a slight decline from its score of 40 in 2022.

Bangladesh ranks 149th with a score of 24, showing a slight decrease from its previous score. The Doing Business reports were discontinued in 2021. According to the latest available data from the World Bank’s Ease of Doing Business rankings:

Pakistan was ranked 108th in the 2020 report, based on surveys from major cities like Karachi and Lahore.India showed significant improvement, ranking 63rd in 2020 due to reforms such as digitizing government services, reducing bureaucracy and improving access to electricity and construction permits.

Bangladesh was ranked 168th in the same 2020 report. The country has struggled with issues such as business registration complexity, infrastructure and contract enforcement, although incremental improvements have been made in areas like starting a business.